Obtaining, Understanding and Correcting Your Credit Report
Contributed by Umehani
You and your credit report
In a world where your credit report defines your lifestyle, it is important to be aware of it's contents. A good credit report can give you the power you need to own a home, car, a cell phone and many other necessities. In today's high stress times of dual incomes, mortgage payments, child care expenses, etc., the last thing one wants to worry about is credit.
Having full knowledge of the contents of your credit report can give you the tools you need before you undertake major financial decisions. It will also save you from unwanted surprises when applying for a loan or line of credit. Most employers also use credit reports to ascertain if a future employee is a good candidate for a job, since your credit habits reflect your behavior and responsible habits.
Knowing your credit and how it is reported
There are three credit bureaus that deal with all things pertaining to credit. These are Equifax, Transunion and Experian. Most financial institutions and lending agencies report to one of the three bureaus. With new laws in place, most states allow you to obtain free copies of your credit reports once a year. You may also purchase a single or three bureau report with your credit score from any of the three agencies. Most will allow you to print and view the report online. The web addresses are; www.experian.com, www.transunion.com and www.equifax.com.
Everyone should be aware of what is in their reports. Obtain free copies and go over each entry to make sure there are no discrepancies. Find out what your credit score is, since this is the number that effects the type of loan terms you will be offered when applying for most types of loans. Your credit score is also affected by how many requests for credit you have made and the amount of dilinquint accounts.
